By Kebba AF Touray
The National Audit Office (NAO) has faulted the award of a duty waiver worth nearly D29 million to Jah Oil Company, describing the concession as “ineligible” and inconsistent with the government’s own duty waiver guidelines.
According to the Auditor General’s 2021 report on the accounts of the Government of The Gambia, a duty waiver amounting to D28,982,351 was granted to Jah Oil Company “despite the company not meeting the eligibility criteria outlined in the Duty Waiver Application Guidelines.” The report noted that this irregular award had caused the tax revenue balance to be understated in the government’s financial statements.
The audit also uncovered several other financial discrepancies, including non-disclosure of part of the proceeds from the sale of Mega Bank. The report revealed that the bank was sold for D921,247,484, yet only D896,805,125.96 was reflected in the financial statements—leaving D24,442,358.89 unreported.
Of that undisclosed balance, D23,031,187.10 was allegedly disbursed by the Central Bank directly to Guarantee Trust Bank accounts without passing through the Consolidated Fund (CF) or Treasury Main Account (TMA). The Auditor General described this as a serious breach of financial regulations, warning that such transactions “significantly increase the risk of fund misappropriation, undermine transparency, and result in material misstatements in the financial statements.”
The report further highlighted an irregular disbursement of D32,500,000 from the Office of the President (OP) to suppliers without supporting procurement documentation. It stated that the OP had originally extended a soft loan of D32.5 million to the OIC Secretariat to settle staff salary arrears. Although the OIC Secretariat intended to repay the loan into the Consolidated Revenue Fund, “the Office of the President directed that the repayment be diverted to suppliers for goods and services instead,” the Auditor General said, calling it “an irregular and unauthorized use of public funds.”
The NAO also reported a foreign exchange loss of D8,227,672.45 during the year under review, arising from transactions recorded in Gambian Dalasi at the prevailing exchange rates. The Auditor General said the realized foreign exchange losses were recognized in the Statement of Cash Receipts and Payments.
The 2021 audit report forms part of the National Audit Office’s continuous review of government financial operations, aimed at strengthening transparency, accountability, and adherence to financial regulations across public institutions.
